August 16, 2011

Gold Is Going To Go Higher Because People Want Refuge

Well it’s going to continue, gold is going to go higher because people want refuge. In fact the other safe havens in the currency world, like the Swiss Franc or the Yen, the central banks there are trying to undermine their currencies.

I mean the Swiss are actually thinking about pegging their currency to the euro. One of the reasons people were buying the Swiss Franc was to get out of the euro. Now they are threatening to turn the Swiss Franc into the euro. So what’s the one asset that central banks can’t print? That’s gold and so gold is the last man standing and everybody is going to be piling into it. - in KWN

Related: SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), Novagold (NG), Goldcorp (GG), Anglogold (AU), New Gold (NGD), Freeport McMoran (FCX)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
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